Experts think the housing market is due for a home price correction in the next two years.
While Albany remains solidly on top of the list and Casper experiences an even higher increase in home prices, Columbus, Rocky Mount and San Jose replace New Bern, Augusta and Hartford in the 2024 ranking.
In general, Moody's analysts expect more cities to see home price increases in two years than in 2023, with 236 cities experiencing a year-on-year surge, while only 178 regional housing markets are expected to see home prices decline. The five areas experiencing the steepest drop in home prices in 2024 are topped again by The Villages and Punta Gorda, but there are also cities that didn't appear in the 2023 list:Spokane, Washington
A slowdown of the housing market will be necessary for the Federal Reserve's plan to cool inflation to work, though there's a risk the quick deceleration of the market could turn into a crash.
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